Mumbai: Gold and silver prices are expected to remain range-bound for the second straight week as investors closely watch developments in the ongoing US-Iran peace talks and important global economic data.
Analysts said traders will track inflation figures from China, Germany, and the United States along with GDP data from the Eurozone and the United Kingdom. These numbers could influence the movement of precious metals in the coming days.
Gold Gains Nearly 1% On MCX
On the Multi Commodity Exchange of India, gold futures rose by Rs 1,178 last week, gaining nearly 1 per cent to settle around Rs 1.52 lakh per 10 grams.
Silver performed even better and jumped Rs 10,985, or 4.4 per cent, to close at Rs 2.61 lakh per kilogram.
Pranav Mer said gold prices are currently moving in a consolidation phase, while silver is showing stronger momentum. He added that market participants are again focusing on the progress of peace negotiations between the United States and Iran.
Global Factors Supporting Prices
Jateen Trivedi said gold traded with a positive trend during the past week. He explained that lower crude oil prices after easing geopolitical tensions improved investor sentiment for bullion.
He also said that softer US Treasury yields and a weaker dollar index supported gold prices even during volatile market conditions.
In the international market, Comex gold futures gained nearly 2 per cent to close at USD 4,730.7 per ounce, while silver prices rose 5.8 per cent to USD 80.86 per ounce.
Silver Continues To Shine
Analysts said silver continued its strong rally for the second consecutive week because of higher copper prices, a weaker US dollar, and concerns about supply shortages in global markets.
According to the World Gold Council, steady buying by central banks and renewed investment in gold exchange-traded funds also supported bullion prices.
However, fresh tensions in the Persian Gulf and renewed attacks in the UAE limited further gains on Friday.
